USD/JPY - 95.02 Daily Market Outlook - Aug 5

By IBT Staff Reporter On 08/05/09 AT 9:00 PM

Yesterday's cross-inspired selloff suggests the recovery from 94.36 has ended earlier at 95.44 and further consolidation below last week's top at 95.89 is seen with downside bias, a breach of previous support at 94.36 would signal another leg of decline is under way and bring retracement of recent erratic upmove to 93.90/00.

A firm breach of 95.44/47 would bring possible re-test of 95.89 but break there there is needed to extend aforesaid rise towards 96.25.

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